Swiss Life (SLHN) Investor Day 2024 summary

Strategic priorities and business model evolution

• Launching Swiss Life 2027, a three-year program focused on expanding the customer base, growing the advisor network, and increasing operational efficiency, with no reliance on transformational M&A activities.

• Emphasis on leveraging a unique business model combining insurance, asset management, and advisory services to capitalize on long-term trends such as pension and protection gaps.

• Sustainability is a core pillar, with targets to reduce CO2 emissions per employee by 50% by 2027 and CO2 intensity of directly owned real estate by 20% by 2030 (vs. 2019), while expanding sustainable product offerings.

• Each business division (Switzerland, France, Germany, International, Asset Managers) will contribute to group targets through tailored strategies, digitalization, and customer-centric initiatives.

• Investments in technology, digital platforms, and advisory tools are prioritized to drive efficiency, scalability, and support growth across all markets.

Financial targets and shareholder returns

• Targeting a fee result above CHF 1 billion by 2027, a 15%+ increase over the previous program, with all divisions contributing.

• Raising the return on equity target to 17%-19% annually for 2025–2027, up from 10–12% in the prior period.

• Cumulative cash remittance goal of CHF 3.6-3.8 billion for 2025-2027, a 25% increase over the previous cycle.

• Dividend payout ratio target increased to above 75%, with the ambition to further raise dividends per share.

• Announcing a new CHF 750 million share buyback program to be completed by May 2026.

Divisional strategies and growth drivers

• Switzerland: Focus on growing group and individual life, expanding private wealth solutions, and enhancing digital advisory platforms; targeting CHF 1.87–1.93 billion cash remittance and CHF 70 million fee result by 2027.

• France: Targeting high-net-worth and business owner segments, aiming for a fee result above EUR 200 million and cash remittance of EUR 520–560 million by 2027.

• Germany: Monetize IFA network and insurance expertise, aiming for over EUR 150 million fee result and EUR 320–340 million cash remittance.

• International: Double operating result in insurance, grow fee result by 40% to over EUR 100 million, and remit EUR 240–260 million in cash.

• Asset Managers: Profitable growth in real assets, infrastructure, and index business; targeting CHF 500 million+ fee result, CHF 750–800 million cash remittance, and CHF 170 billion TPAM AUM by 2027.